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PPP loan updates #17 - Shared screen with speaker view
Steve Gross
You will be able to get FAQs and recordings at JewishTogether.org
Eric Kodesch
I do not believe that the CARES Act, guidance or application give a date by which a borrower must apply for forgiveness. However, I have seen PPP notes that include a date - for example, within 90 days of the loan origination.
Eric Kodesch
With repsect to bonuses, nothing prohibits including a bonus paid during the 8-week period in payroll costs. The $15,385 cap on cash compensation applies. However, it generally appears that businesses get full forgiveness credit for a bonus to the extent it does not cause all cash compensation paid to the employee to exceed $15,385.
Susan Murphy
will they be expanding the 8 week period? if so do the expenses still have to fall in a 8 week period?
Susan Murphy
is there any guidance on organizations that contract with federal state and local agencies? if the org. bills a federal state or local agency, would using ppp in addition to billing; be double dipping?
David Kappus
The payroll expense portion is AT LEAST 75%, right?
Mendy Matusof
Yes David
David Kappus
Rachel Eisen
We have an employee leave us in January of their own volition, unrelated to covid. We have not yet hired a replacement. They would increase the average FTE of the reference period and therefore affect our forgiveness ratio. We did not include their salary in our loan application. Would they fit into this safe harbor rule of voluntarily resigning or no because this was before the covered period?
Paul Fink
What if we pay some employees weekly, and some monthly? Can we check both boxes?
Jonathan Tepper
There are 2 conflicts between Payroll calculation in PPP Loan application and the PPP Loan forgiveness calculation. I'll email Joy GOldstein on this, wjo I exchenaged emails with last month, since my question is a bit lengthy. Is Joy still the point person for questions?
Alison Sullivan
We have a different pay period for hourly employees and salaried employees and neither matches our covered period. We are unsure how to provide payroll reports matching the covered period. We pay 26/year so it sounds like we can’t use the alternate payroll period.
Jonathan Tepper
What if our standard full-time week is only 35 hours? SO all show at 35/40 FTE on Sch. A Worksheet? Or do we simply consider 35 hours = 1 FTE?
Mendy Matusof
We have hourly employees at the same hourly rate, but working significantly less hours. Are we okay, since hourly employees are calculated by rate instead of hours?
Robert Teplitz
FTE: you just need to compare apples to apples, not apples to oranges, which will raise a red flag on the form.
Eric Kodesch
Yes. This was one of the most favorable/surprising aspects of the guidance. It appears that no reduciton in forgiveness for a reduction in compensation if you keep the hourly rate the same even though less was actually paid becuase of a reduction in hours.
Mendy Matusof
Thank you Eric!
Robin Rosenfeld
Thank you, everyone!
David Kappus
This was very helpful. Thank you to all involved!
Jonathan Tepper
Many thanks to panelists and JFNA staff for all your hard work on this.
Israel Levin
Thank you very much
Paul Fink
Thank you JFNA!
Herbert Block
Thank you for all the information and efforts
scott wolf
Many thanks for this great community service!
nechemia vogel
a huuuuuge yasher koach!
thays alvarez
Amanda Shechter
Thank you!
Samuel Salkin
So valuable. Thank you for the consistent support.